584                                     LAWS OF MARYLAND                             Ch. 221

181-I-1.

A A CAPITAL REVOLVING FUND FOR HISTORIC PRESERVATION
IS CREATED, INTO WHICH THE COMPTROLLER OF THE TREASURY
SHALL PLACE TO THE ACCOUNT OF THE MARYLAND HISTORICAL
TRUST, FUNDS AUTHORIZED BY STATUTE [[OF]] OR BUDGET
ALLOCATION OR OTHERWISE AND INTENDED TO IMPLEMENT AND
ENCOURAGE RESTORATION AND PRESERVATION OF HISTORIC
PROPERTIES AND THE PURPOSES SET FORTH IN THE OTHER
PROVISIONS OF THIS SUBTITLE. THE FUNDS MAY BE EXPENDED BY
THE MARYLAND HISTORICAL TRUST, WITH THE APPROVAL OF
THE BOARD OF PUBLIC WORKS, FOR THE FOLLOWING PURPOSES:

[[(1) PURCHASE AND RESTORATION OF PROPERTIES INTENDED
TO REMAIN IN PUBLIC OWNERSHIP AND USE.

(2) ACQUISITION OF LIMITED INTERESTS AND COVENANTS THAT
RELATE TO THE HISTORIC OR ARCHITECTURAL CHARACTER OF
PROPERTIES.]]

[[(3)]] (1) PURCHASE, OR OTHER ACQUISITION OR
RESTORATION, FOR RESALE, SUBJECT TO APPROPRIATE
COVENANTS, OF PROPERTIES INTENDED FOR PRESERVATION.

[[(4)]] (2) LOANS TO NON-PROFIT PRESERVATION FOUNDATIONS
AND ORGANIZATIONS FOR THE PURPOSE OF ACQUIRING AND
RESTORING PROPERTIES WORTHY OF PERPETUATION.

(B) THE PROCEEDS FROM THE RE-SALE OF ANY PROPERTIES
ACQUIRED AND RESTORED AND FUNDS RECEIVED FROM THE
RE-PAYMENT OF ANY LOANS MADE FOR THAT PURPOSE SHALL BE
DEPOSITED IN AND RETURNED TO THE CAPITAL REVOLVING
ACCOUNT, TO CONSTITUTE A CONTINUING REVOLVING FUND FOR
THE PURPOSES LISTED ABOVE. THE CAPITAL REVOLVING FUND
FOR HISTORIC PRESERVATION IS A SPECIAL FUND WITHIN THE
MEANING OF ARTICLE 78A, §15 OF THIS CODE, AS AMENDED FROM
TIME TO TIME.

(C) THE TRUST SHALL SUBMIT A REPORT BY DECEMBER 1 OF
EACH YEAR TO THE GOVERNOR AND THE DEPARTMENT OF FISCAL
SERVICES REPORTING THE FINANCIAL STATUS OF THE FUND FOR
THE PRECEEDING TWELVE MONTH PERIOD.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 7, 1973.